Morning News Call - India, October 22

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FACTORS TO WATCH
No major events are scheduled.
GMF: SOUTH CHINA SEA FOCUS
Dhruva Jaishankar, Fellow in Foreign Policy Studies at Brookings India and
the Brookings Institution in Washington DC, joins us at 1030 IST. To join the
conversation, click on the link: here
INDIA TOP NEWS
• India rate setters highlight inflation spike risk, signal rate hikes
India's interest rate setting committee sees a risk of rising headline
inflation from high crude oil prices and a weak rupee, indicating potential rate
hikes ahead even as it held rates unchanged at its last meeting.
• India central bank objects to payments regulator outside its control
India's central bank issued a rare public objection on Friday to a
government-led panel's recommendation for payments systems to be overseen by a
regulator that would be set up outside the central bank's control.
• HDFC Bank reports record profit for July-Sept quarter
HDFC Bank has reported record profit for the three months ending Sept. 30
broadly in line with expectations, helped by higher interest and fee income.
• India's cenbank eases bank lending limits to some non-banking finance
firms
The Reserve Bank of India on Friday eased lending norms related to certain
non-banking finance companies (NBFCs) as liquidity concerns in the sector
persist and markets continue to question the viability of some of the firms
following the IL&FS debacle.
• Reliance shares slide on debt, delay in key project
Shares in India's Reliance Industries dropped as much as 7 percent on
Friday, the first trading session after it reported record second-quarter
results, weighed down by the company's heavy debt and a delay in a key refining
project.
• Yes Bank falls after RBI again says no to CEO's term extension
Shares in Yes Bank tanked more than 8 percent on Friday after the Reserve
Bank of India (RBI) denied its request for a second time on Wednesday to extend
Chief Executive Rana Kapoor's term.
• UltraTech Cement quarterly profit falls, misses expectations
Cement maker UltraTech Cement's quarterly profit dropped 9.4 percent and missed
market expectations, hurt by higher expenses, the company's statement showed on
Friday.
GLOBAL TOP NEWS
• Saudi Arabia calls Khashoggi killing 'grave mistake,' says prince not
aware
Saudi Arabia on Sunday called the killing of journalist Jamal Khashoggi at
its Istanbul consulate a "huge and grave mistake," but sought to shield its
powerful crown prince from the widening crisis, saying Mohammed bin Salman had
not been aware.
• Trump says U.S. to exit landmark nuclear arms pact, Russia threatens
retaliation
President Donald Trump said Washington would withdraw from a landmark Cold
War-era treaty that eliminated nuclear missiles from Europe because Russia was
violating the pact, triggering a warning of retaliatory measures from Moscow.
• China's Sept new home price gains led by smaller cities
China's new home prices increased at a firm pace in September, supported by
gains in smaller cities and showing the market remained resilient despite
pressures from softer investment, a slowing economy and government curbs on the
sector.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• SGX Nifty nearest-month futures were 0.1 percent lower at 10,316, from its
previous close.
• The Indian rupee is expected to open lower against the dollar amid the
largest fall in the country’s foreign exchange reserves in seven years and firm
U.S. yields.
• Indian government bonds may edge lower in early trade today as the local
currency might depreciate against the dollar. The yield on the benchmark 7.17
percent bond maturing in 2028 may trade in a 7.90 percent-7.95 percent band
today.
GLOBAL MARKETS
• The U.S. benchmark S&P 500 stock index edged lower on Friday as strong
earnings from Procter & Gamble were offset by ongoing concerns about rising
interest rates and tensions over trade policy denting economic growth.
• Asian share markets pared early losses as Chinese stocks swung higher for
a second session and helped offset geopolitical concerns over Saudi Arabia,
Italy and Brexit.
• The euro and the British pound edged down against the dollar as investors
awaited developments around Brexit as well as Italy's budget plan which drew
heavy criticism from the European Union.
• U.S. Treasury yields rose on Friday, with the 10-year yield hovering near
a one-week high as traders pared safe-haven bond positions stemming from hopes
for reduced tension between Italy and the European Commission over the country's
debt-laden budget.
• Oil prices edged up, as markets were expected to tighten once U.S.
sanctions against Iran's crude exports are implemented next month.
• Gold prices edged higher, moving closer to a 2-1/2-month peak hit last
week, as Asian shares fell amid rising political tensions and worries over
slowing global economic growth.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 73.45/73.48 October 19 -$8.23 mln -$79.02 mln
10-yr bond yield 7.92 pct Month-to-date -$2.46 bln -$1.70 bln
Year-to-date -$4.63 bln -$8.45 bln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 73.3700 Indian rupees)
(Compiled by Debanjan Bose in Bengaluru)